Australian Consumer Confidence Falls Again, ANZ Says Weakness 'Surprising'

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The ANZ-Roy Morgan weekly consumer confidence survey seems to confirm the bad news that consumers are none-too-happy at the moment we saw last week’s monthly Westpac consumer sentiment index.

The ANZ reports that “consumer confidence fell 1.8% to 111.3 in the week ending 14 September.” That’s the lowest level in five weeks, and while far from the post-budget depth the ANZ says it is, “surprising given the strong August employment report last week, as well as the continuing house prices gains and buoyant auction clearance rates.”

Key in supporting the more gloomy data from Westpac is that the index shows there were, “declines in ‘time to buy a major household item’ (-5.1%) and ‘financial situation compared to a year ago’ (-3.7%)”, the ANZ said.

The ANZ is still mildly upbeat on the outlook however with Chief Economist Warren Hogan saying:

While consumer confidence still sits at a healthy level, it is disappointing that it has been unable to build momentum after the initial post-budget rebound. Still, we expect confidence to improve this year, supported by solid fundamentals such as low interest rates, rising house prices and a gradually strengthening labour market.

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